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- MODIFIED TRUE or FALSE. Write “T” if the given statement is TRUE, correct and valid. Write “F”, if otherwise. If your answer is either “T” or “F” explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. Microeconomics is a branch of economics that deals with the decisions of individual households and firms. 2. Economic model is an abstract representation of the “unreal world” phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources.Question 18: Economic theory attempts to predict the outcomes and impacts of a behavior with an assumed set of conditions. A True B FalsePrinciples of Economics Demand And SupplyQuestions:1) Find a news article related to any economic/ social/environmental issue in Malaysia. 2) Introduce the topic/issue and discuss how the situation might affect demand or supply in the economy.
- Which statement is not true about the use of models in economics? 1. They are based on simplifying assumptions. 2. They are used to forecast economic variaables such as GDP growth. 3. They must closely mirror real life in order to be informative. 4. There are often multiple models that seek to explain the same economic phenomena. 5. They are usually represented graphicallyQuestion 5 Explain the difference between the terms 'hypotheses" and 'theories'.Macroeconomics is the branch of economics that deals with:(A) the prices of individual goods (B) important rather than trivial issues (C) how individual markets work (D) the economy as a whole
- A). List the Ten Principles of Economics (just the titles). Group them in three categories: (i). How people make decisions, (ii). How people interact, and (iii). How the economy as a whole works. B). Define opportunity cost. Be precise with the words used. C). Draw a Circular Flow diagram.Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice. A comparison of alternative tax policies and their respective impacts on the rate of the nation's Choose. economic growth The effect of government regulations on car emissions Choose. The decision by McDonald's to hire fewer workers Choose. because of an increase in the minimum wage The stock market plunges by 1000 points due to Choose. uncertainty. Please answer all parts of the question.Unit 1 and 2 Practice QuestionsStudents are expected to attempt the questions before attending the BBC Session.Selected questions will be discussed in the Units 1 and 2 BBC Session.Question 1a) What is Economics?b) Differentiate between Microeconomics and Macroeconomics.c) Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice.(i) How will the market for melons be affected after Hurricane Dean?(ii) How much will the Trinidadian economy grow this year?(iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla?(iv) What will the inflation rate be for Belize? Question 2Which of the…
- Directions: Answer each question below by writing a strong paragraph that includes supporting information from the lesson. Please cite your outside resources. A strong paragraph includes a minimum of three to five details from the lesson and is written in Academic English form. For more information on Academic English form, refer to the documents in the Orientation. 1. Identify and describe the various types of business ownership. Provide examples of each. Explain the advantages and disadvantages of each. 2. What three institutions influence economics the most? Explain how each influences economics and provide examples of each. 3. If you were a sole proprietor and had annual profits of $100,000, how would the profits be distributed? 4. You are partners with Alice and Mark. You contributed 50% of the capital, Alice contributed 30%, and Mark contributed 20%. (a) How would the annual profits of $100,000 be distributed among all three of you? (b) Using these same numbers, how would an…Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.i. Classify the following issues as relating to microeconomics or macroeconomics. a) a family's decision about how much income to save b) the effect of government regulations on automobile emissions c) the impact of higher national savings on economic growth d) a firm's decision about how many workers to hire ii. Classify each of the following statements as positive or normative. a) Society faces a short-run trade-off between inflation and unemployment. b) A reduction in the rate of money growth will reduce the rate of inflation. c) Society ought to require welfare recipients to look for jobs. d) Lower tax ates encourage more work and more saving. Page 1 of 3 Suppose that at the beginning of the year the Accountant of the School of Business defines and outlines what he considers to be his priority expenditure ii. areas as follows. item Cost(Ghs) Reference Textbooks 100,000 Office Spaces for lecturers 50,000 Refurbishment of School Auditorium 50,000 Projectors for Lecture Halls 40,000…